MO revenue collections rise 27%

Missouri general revenue collections jumped 27.4 percent to $1.19 billion in April, compared to $933.4 million in the same month of the prior fiscal year.

Last month's collections bring the fiscal 2013 year-to-date total up 11.2 percent to $6.67 billion from $5.99 billion by this time in 2012, according to a news release.

Fiscal 2013 year-to-date gross collections by tax type:

• Individual income tax collections rose 9.8 percent to $5.35 billion from $4.87 billion last year.
• Sales and use tax collections increased 2 percent to $1.55 billion from $1.52 billion.
• Corporate income and franchise tax collections bumped 2.5 percent to $404.8 billion from $394.9 million.
• All other collections jumped 24.6 percent to $371.6 million from $298.3 million.
• Refunds decreased 7.4 percent to $1.01 billion from $1.1 billion.

Compared to the same month a year ago, April individual income tax collections jumped 30.7 percent; sales and use tax collections rose 15.4 percent; corporate income and franchise tax collections declined by 3.3 percent; all other collections increased 13.9 percent; and refunds saw a 17.2 percent rise, according to the release.

State Budget Director Linda Luebbering noted the general revenue fund repaid $375 million borrowed from the budget reserve fund this fiscal year, ahead of the May 15 constitutional deadline.[[In-content Ad]]